Tax Systems
A tax imposing the same percentage rate of taxation on everyone, regardless of income.
Proportional Tax
A form that helps the employer determine how much to withhold from an employee's paycheck.
W-4 Form
What is the money you earn before taxes and other deductions are taken out?
Gross Income
What is the Federal Agency that enforces tax laws and prosecutes people who try to not pay taxes?
Internal Revenue Service (IRS)
When is Tax Day?
April 15th
A tax that imposes a higher percentage rate of taxation on persons with high incomes than on those with low incomes.
Progressive Tax
A form that you will receive before tax season that reports your wages and taxes withheld.
W-2 Form
What is another name for "Take-Home Pay"?
Net Pay / Net Income
A person who relies on someone else for support (food, clothing, shelter, etc.)
Dependent
After this War, U.S. Citizens were required to start paying the Federal Income Tax.
Civil War
A tax imposing a higher percentage rate of taxation on low incomes than on high incomes.
Regressive Tax
What is one option for you to "file" as on your W-4 Form?
Single, Married Filing Separately, Married Filing Jointly, Qualified Widow, Head of Household
What does YTD stand for?
Year-To-Date
A system of tax collection that relies on individual citizens reporting the correct information to the IRS.
Voluntary Compliance
In what southwestern U.S. state are you exempt from filing and paying income taxes when you turn 100 years old?
New Mexico
What is the most common example of a progressive tax?
Federal Income Tax
What can you "claim" on your W-4 that would result in tax deductions?
Dependents
Name two states with no state income tax.
Texas, Florida, Nevada, South Dakota, Wyoming, Tennessee, Alaska
A tax collected on the sale of particular goods and services, also called a Sin Tax.
Excise Tax
What famous arena has been exempt from New York property taxes since 1982?
Madison Square Garden
What is the most common example of a regressive tax?
Sales Tax
What is the form you will use to file your annual income tax return?
Form 1040
What are the two FICA taxes that are taken out of your paycheck?
Medicare & Social Security
Taxes collected from employers and employees to finance specific programs.
Payroll Taxes
What notorious mobster was thought to be locked up for murder, but actually was convicted of tax evasion and sentenced to 11 years in prison?
Al Capone